Bitcoin’s price has been unable to break through the $65,500 resistance level in recent days and is now on a downward trajectory. The decline below the $63,500 level has caught the attention of investors, with Bitcoin currently trading around $62,400.
BTC has started a new downward correction and has traded below $63,500. On the hourly chart, there was a break below a significant rising trend line at the $63,700 support level, suggesting that losses may extend and the $60,000 support area could be revisited soon.
Although Bitcoin’s price briefly rose above $64,500, it struggled to overcome the $65,500 resistance area and failed to surpass it. The highest recorded level was $65,550, and the price is currently correcting its gains.
Currently, Bitcoin is trading below the $63,000 level, with a sudden resistance appearing near the $63,350 level. The first major resistance could be at $64,000, followed by $65,000. The main hurdle for Bitcoin is at the $65,500 level, and if it breaks above this level, the price could rise further towards the $66,650 level. A close above the $66,650 resistance area could indicate a continuation of the upward trend, potentially leading the price towards $68,000.
However, if the critical resistances are not surpassed, a downward trend for Bitcoin is possible. The cryptocurrency is currently forming an immediate support level around $62,000, with the first major support at $61,000. If the price closes below $61,000, Bitcoin’s value could enter a downward trend towards the $60,000 level. Further losses could bring the price to the $58,000 support area in the near term.
Technical indicators, such as the hourly MACD and RSI, are also showing bearish signals, indicating the possibility of further downward movement. It is important for investors to be aware of the high volatility and risks associated with cryptocurrencies and to conduct their own research.
